still with me is jack flaherty from gam, subadra rajappa from societe generale, ian stealey from jpmorganagement as well. i want to start with some rather surprising words from mario draghi today when he was speaking at the ims. he says notwithstanding the latest economic indicators that suggest that the growth cycle may have peaked, the momentum is expected to continue. his suggestion is that growth may have peaked in the eurozone sent the euros a -- euro tanking and yields lower in the euro region. what do you make of this end what guidance do think we will get next week? ian: there will be some concern about how the data reacted. if you look at the pmi data, they were just being too optimistic. at some point, they were pointing to eurozone growth to 2.5 or 4%. they have come down to more reasonable levels and we are looking at 1.5% to 2% growth. i think what is going to be critical would do the pmi's that come out of the eurozone next week and let's see if they stabilize to some extent. if we do continue to grind down, i think it would be a defensive -- big concern from the mario dragh